HUDCO - On the recovery Path ?
The next recovery stock which we are going to look at is HUDCO or the Housing and Urban Development Corporation Limited. The stock saw a drop or reversal of 15% and was pushed below the 200 DMA and from there it has been recovering. As you can see now, it is above the 200 DMA and also the short-term moving averages. It has started making a higher high on the daily. It is also making a higher high on the weekly as well. All the supporting key parameters are all positive, the relative strength, the money flow, buying pressure, all are quite positive and is supporting further up move. We can see good increase in the delivery volumes indicating committed buying. So, the stock could test the previous high of 350 levels. Of course, it is not going to be a quick up move, it is going to be a grinding up move, but definitely it is likely to move up. The risk reward ratio also is looking quite good at this moment. So, this is a stock to be watched.
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